The impact of digital finance on household consumption: Evidence from China |
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| Affiliation: | 1. Research Institute of Economics and Management, Southwestern University of Finance and Economics. 555 Liutai Blvd, Wenjiang District, Chengdu, Sichuan, 611130, China;2. Survey and Research Center for China Household Finance, Southwestern University of Finance and Economics. 55 Guanghuacun Street, Qingyang District, Chengdu, Sichuan, 610074, China;3. Department of Human Development and Family Studies University of Rhode Island, 2 Lower College Road, Kingston, RI, 02881, USA;1. Cass Business School, City, University of London, UK;2. Tun Ismail Ali Chair, University of Malaya, Malaysia;3. CEPR, London, UK;4. Wageningen University and Research, The Netherlands;5. FSD Kenya, Tilburg University, The Netherlands;6. Tilburg University, CentER, European Banking Center, The Netherlands;1. College of Management and Economics, Tianjin University, 92 Weijin Road, Nankai District, Tianjin, 300072, China;2. College of Management and Economics, Ma Yinchu School of Economics, Tianjin University, 92 Weijin Road, Nankai District, Tianjin, 300072, China;3. School of Finance and Economics, Jiangsu University, Xuefu Road, Jingkou District, Jiangsu, 212013, China;4. Institute for China Common Prosperity Research, Jiaxing University, No. 899, Guangqiong Road, Jiaxing City, Zhejiang Province, China;5. Department of Economics and Management, Yuncheng University, 1155 Fudan West Street, Yuncheng City, Shanxi Province, 044000, China;6. Social Science Research Institute, Tokai University, Hiratsuka-shi, Kanagawa, 259-1292, Japan;1. School of Finance, Capital University of Economics and Business, China;2. Illinois Institute of Technology, USA |
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| Abstract: | Using panel data from the China Household Finance Survey (CHFS) in 2013, 2015, and 2017 and the digital inclusive finance index developed by Peking University, this study examined impacts of the digital inclusive finance on household consumption and explored its mechanisms. Results suggest that the digital inclusive finance could promote households consumption. A heterogeneity analysis showed that households with fewer assets, lower income, less financial literacy and in third- and fourth-tier cities experienced larger facilitating effects of digital finance on consumption compared to their counterparts. For consumption categories, digital finance was positively correlated with food, clothing, house maintenance, medical care, and education and entertainment expenditures. In terms of consumption structure, digital finance mainly promoted the recurring household expenditures rather than the non-recurring expenditures. Further analyses based on the mediating model found that online shopping, digital payment, obtainment of online credit, purchase of financing products on the internet and business insurance, were the main mediating variables through which digital finance affected household consumption. |
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| Keywords: | Digital finance Household consumption Mediating effect D12 E44 G21 |
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